Leading automobile manufacturer Bajaj Auto on July 26 reported a 10.6 percent year-on-year (YoY) rise in net profit at Rs 1,173 crore for the first quarter ended June 30, 2022.
In the corresponding quarter last year, the company posted a net profit of Rs 1,061 crore. CNBC-TV18 Polls had predicted a profit of Rs 1,049 crore for the quarter under review.
Total income stood at Rs 8,005 crore during the period under review, up 8.4 percent against Rs 7,386 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 15.9 percent to Rs 1,297 crore in Q1 FY23 over Rs 1,119 crore in Q1 FY22. EBITDA margin stood at 16.2 percent in Q1 FY23 as compared to 15.2 percent in Q1 FY22. EBITDA is earnings before interest, tax, depreciation and amortisation.
The company said it has sustained a strong track record of cash generation, with surplus cash at Rs 20,509 crore as of June 30, 2022, against Rs 19,090 crore as of March 31, 2022.
Total volumes declined 7 percent to 9,33,646 units in the quarter from 10,06,014 units in the year-ago period. Sales in the quarter were affected by the inadequate availability of semiconductors, although the situation improved in the latter part as new supply sources were developed, Bajaj Auto said.
"Sales in the quarter was significantly constrained by the inadequate availability of semiconductors, although the situation improved in the latter part as new supply sources were developed," the company said.
